YZJ Fin Hldg    Last:0.225   -

YZJFH - potentially rewarding

Can help enlighten me why there is 20% dilution?  Based on $250m placement, there is probably 250m shares increase ,  considering now YZJF has 3480m share, so around 7.2% dilution.   

 

Btw, if my (probably ours now) interpretation is correct, this 9% post spin off post pp impact will affect the opening price ex spin off, as well as the ongoing prices in the current cum spin off phase. So even for those of you who decide to abort the train before the ex date, Mr Market will still naturally markdown YFH ongoing price appreciating potential by this ~9%.

 

Yes, a 20% dilution effect caused by the pp shares would implied that these pp shares will be issued at 50% discount to the post spin off YMD theoretical NAV value (or may be the day 1 supposedly opening price ?). So the overall net impact to the post spin off plus post pp shares issued final NAV would be ~9% down. Whatever the supposedly day 1 open price of YMD without pp, the actual day 1 price will now likely open with an immediate ~9% discount with pp approved and executed before the ex spin off date. So on what basis do these special group of sophisticated investors have to warrant the coy to accord such a huge discount to them with all the existing shareholders bearing this front loading blunt ? Perhaps they have connections to new valuable business leads ? Or perhaps they hold keys to opening otherwise locked new market territories ? If these group of special investors is such highly "strategic" in nature and hence warrant such privilege, mgt need to let the exiting shareholders know so as to garner support. Perhaps, if more shareholders write through to IR to seek clarification on this matter, YFH may realise the heightened gravity of shareholders concern on this matter, and in turn issue a response through an sgx announcement before the EGM. May be you guys should seriously consider writing in too to push for a response before the EGM is convened.

HVRRVH      ( Date: 16-Aug-2025 13:04) Posted: Indeed congrats those who realised their gains. For those who shouldier on, let' s watch the development closely. I read from the circular that the new NAV for YZJM post spin will be $2B, since the distribution will be 1-1 so the outstanding shares for YZJM will be same as YZJF now which is 3,480,450,520 and that will give us NAV of about $0.58. A further $250m will be added via private placement so the NAV become $2.250B at least. In term of NAV per share post private placement, really much dependent on the PP price. As illustrated by volvo125, if the dilution is really 20%, the PP price could be a hugh 50% to the current NAV at $0.285! Imagine private placement at $0.285 per share! In turn, it will reduce post spin NAV to the level of about $0.52, close to 9% difference. Now, how would the market price the share on the first day of post spin listing? Factors to be considered of course is the NAV and to certain extend, the PP price. A negative reaction bound to happen if private placement price is so hugh at $0.285 and we can count our lucky stars if the open marke price post spin is at NAV level at $0.58. Therefore, the management indeed need to clear the air and really they shouldn' t wait till EGM to try to explain and clarify the matter as voting will be immenient after Q& A on EGM day. Anyone has done their calculation too and would like to share their interpretation on the matter are welcome as I could be getting it very wrong too. Notwithstanding the above, the price actions have been postive in tandem with the spin off developments and could be indication of rerating of YZJF and YZJM post spin. it does not gel with the news that the PP will dilute existing shareholders by at least 20%. Unless the people who have influence on market prices such as insiders, institutional investors and accreditated investors know much more information than us and they view the overall development as positive.    pasttime      ( Date: 16-Aug-2025 06:47) Posted: the rest if yzjfh is also ready for rapid grow. 2000m at 4.5% will yield 90m 2000m at 1% will yield 20m to get back 90m return will need principle of 90/0.01 = 9000m potentially if they play it right the profit few years down the road will be in billions.

 

Indeed congrats those who realised their gains. For those who shouldier on, let' s watch the development closely. I read from the circular that the new NAV for YZJM post spin will be $2B, since the distribution will be 1-1 so the outstanding shares for YZJM will be same as YZJF now which is 3,480,450,520 and that will give us NAV of about $0.58. A further $250m will be added via private placement so the NAV become $2.250B at least. In term of NAV per share post private placement, really much dependent on the PP price. As illustrated by volvo125, if the dilution is really 20%, the PP price could be a hugh 50% to the current NAV at $0.285! Imagine private placement at $0.285 per share! In turn, it will reduce post spin NAV to the level of about $0.52, close to 9% difference. Now, how would the market price the share on the first day of post spin listing? Factors to be considered of course is the NAV and to certain extend, the PP price. A negative reaction bound to happen if private placement price is so hugh at $0.285 and we can count our lucky stars if the open marke price post spin is at NAV level at $0.58. Therefore, the management indeed need to clear the air and really they shouldn' t wait till EGM to try to explain and clarify the matter as voting will be immenient after Q& A on EGM day. Anyone has done their calculation too and would like to share their interpretation on the matter are welcome as I could be getting it very wrong too.

Notwithstanding the above, the price actions have been postive in tandem with the spin off developments and could be indication of rerating of YZJF and YZJM post spin. it does not gel with the news that the PP will dilute existing shareholders by at least 20%. Unless the people who have influence on market prices such as insiders, institutional investors and accreditated investors know much more information than us and they view the overall development as positive. 
 

pasttime      ( Date: 16-Aug-2025 06:47) Posted: the rest if yzjfh is also ready for rapid grow. 2000m at 4.5% will yield 90m 2000m at 1% will yield 20m to get back 90m return will need principle of 90/0.01 = 9000m potentially if they play it right the profit few years down the road will be in billions.

 

the rest if yzjfh is also ready for rapid grow.
2000m at 4.5% will yield 90m
2000m at 1% will yield 20m

to get back 90m return will need principle of 90/0.01 = 9000m
potentially if they play it right the profit few years down the road will be in billions.

 

congratulations to those who sold and make money. there is never right or wrong about selling.
make money means right.
i m holding on as the growth in maritime is not fully reflected in the price yet.
less focus with nta. more on the rapid growth of maritime business.

profit after tax from fy2022 46.5m --> fy 2024 186.2m. ie 4x jump.
income from maritime 1H 2024  22.1m -->   1H 2025 40.1m 
that is a almost 100% growth.  shows that momentum is there.

the opportunities are there.  limited by cash to pump into it.
so growth baby growth. who knows how high it can go.
to me it is a ground floor opportunities.
dyodd
 

 

Yes diverse views are welcome if based on interpretation of facts and information, and different views and expectations are expected. However, we have seen some naysayers act as if they knew everything when in fact they didn' t base their opinions on any fact and they were condescending toward others who hold different views and even mock the long holders. Well, shall not dwell on it and long holders should focus on whether there is merits to continue holding the 2 companies post spin. Personally I wish to hold a bit longer as from the past 3 years plus since inception of YZJF, we have seen YZJF transfrom from DI focus to other investments, of course most noteworthy is the venture into maritime business and the resulting spin off now. To be frank, we cannot say we have expected the emergence of maritime businesses as it was not the area of focus for YZJF post spin from YZJS. At the material point, old Ren felt enough was enough and came back to helm the ship and we all knew the rest of the story. Therefore, with the spin off, I am thinking YZJM, with old Ren committed 100% to run it, would have high chance of growing into a much more valuable company and for that, I am willing to give myself 2 to 3 years at least to see what happen. Regardless, will hold tight tight till spin off materialised. Wtih regard to placement dilution, not sure why the management cannot address the matter earlier, wouldn' t it be a bit late for shareholders to digest the explanation/clarifiation if they only talk about it during EGM? A 20% dilution is very unusual if indeed that is the case. In 2017 when YZJS raised $154m, the dilution was only 4.07%. 
https://www.seatrade-maritime.com/shipyards/yangzijiang-looks-to-raise-154m-from-share-placement

volvo125      ( Date: 15-Aug-2025 13:19) Posted: Ok, guys, IR has just come back and confirmed the mgt will address the question during EGM. From 0.69 to 0.285 to today 1.06, it has been a damn wild roller-coaster ride in the past ~3 years for the many of us here who boarded the train since Apr 2022. For those who persisted and braved through the stormy ride, regardless all the fear mongering and all the naysayers bashing, the journey has emerged to be a very, very immensely rewarding one. Some of you here may wish to finally abort the train, 赚 够 了 , while some may wish to sail on with the new YFH/YMD chapter, 希 望 应 该 有 机 会 赚 的 更 多 . For me, I am still appraising my options. RenYL is a man of no nonsense and actions, and he almost always delivers, whether back then in YSB, or now in YFH, or in the future fronting YMD or in the background controlling the new YFH. So, renewing the ticket to board the YFH/YFM train seems a very sound option to me. Hope to see you guys in the EGM. xxxxx We really understand your concerns. The management team will address your questions during the EGM. xxxxx

 

Eh ... I think you can't simply compare these companies at face values based on their npat, AUM and share prices. These coy have very different share O/S base, capital structures, moots, as well as many other qualitative and quantitative factors not readily known or awared to us as retail investors. For example, why market accord iFast with an insane price of 8.3xBV or 38xPE is beyond my comprehension. What i don't understand, I don't touch. As for the coy with $150m AUM, the price $2.50 is just a tag and has little meaning to us until we know it's shares O/S, capital structure, P&L and the nature of business it is conducting. For example, YFH price would have been traded at = 1.05*3 ≈ $3.15 today if the coy did a 3 for 1 reverse split earlier, reducing its float from 3480m to 1160m. $3.15 at 1160m O/S is no difference from $1.05 at 3480m O/S.

tch77_pt75      ( Date: 15-Aug-2025 14:03) Posted: I think YZJFH still has the potential but the management must be capable. The profit is almost 3 times higher than iFAST. If YZJFH mirrors what iFAST is doing, it can be around $30 per share too? For fund size of around S$150m, some share/unit price is around at around S$2.5. Just my personal view 😂 volvo125      ( Date: 15-Aug-2025 13:19) Posted: Ok, guys, IR has just come back and confirmed the mgt will address the question during EGM. From 0.69 to 0.285 to today 1.06, it has been a damn wild roller-coaster ride in the past ~3 years for the many of us here who boarded the train since Apr 2022. For those who persisted and braved through the stormy ride, regardless all the fear mongering and all the naysayers bashing, the journey has emerged to be a very, very immensely rewarding one. Some of you here may wish to finally abort the train, 赚 够 了 , while some may wish to sail on with the new YFH/YMD chapter, 希 望 应 该 有 机 会 赚 的 更 多 . For me, I am still appraising my options. RenYL is a man of no nonsense and actions, and he almost always delivers, whether back then in YSB, or now in YFH, or in the future fronting YMD or in the background controlling the new YFH. So, renewing the ticket to board the YFH/YFM train seems a very sound option to me. Hope to see you guys in the EGM. xxxxx We really understand your concerns. The management team will address your questions during the EGM. xxxxx

 

I think YZJFH still has the potential but the management must be capable.

The profit is almost 3 times higher than iFAST. If YZJFH mirrors what iFAST is doing, it can be around $30 per share too?

For fund size of around S$150m, some share/unit price is around at around S$2.5.

Just my personal view 😂

volvo125      ( Date: 15-Aug-2025 13:19) Posted: Ok, guys, IR has just come back and confirmed the mgt will address the question during EGM. From 0.69 to 0.285 to today 1.06, it has been a damn wild roller-coaster ride in the past ~3 years for the many of us here who boarded the train since Apr 2022. For those who persisted and braved through the stormy ride, regardless all the fear mongering and all the naysayers bashing, the journey has emerged to be a very, very immensely rewarding one. Some of you here may wish to finally abort the train, 赚 够 了 , while some may wish to sail on with the new YFH/YMD chapter, 希 望 应 该 有 机 会 赚 的 更 多 . For me, I am still appraising my options. RenYL is a man of no nonsense and actions, and he almost always delivers, whether back then in YSB, or now in YFH, or in the future fronting YMD or in the background controlling the new YFH. So, renewing the ticket to board the YFH/YFM train seems a very sound option to me. Hope to see you guys in the EGM. xxxxx We really understand your concerns. The management team will address your questions during the EGM. xxxxx

 

Thanks volvo for keeping us informed.
Need to hear them properly before voting.

volvo125      ( Date: 15-Aug-2025 13:19) Posted: Ok, guys, IR has just come back and confirmed the mgt will address the question during EGM. From 0.69 to 0.285 to today 1.06, it has been a damn wild roller-coaster ride in the past ~3 years for the many of us here who boarded the train since Apr 2022. For those who persisted and braved through the stormy ride, regardless all the fear mongering and all the naysayers bashing, the journey has emerged to be a very, very immensely rewarding one. Some of you here may wish to finally abort the train, 赚 够 了 , while some may wish to sail on with the new YFH/YMD chapter, 希 望 应 该 有 机 会 赚 的 更 多 . For me, I am still appraising my options. RenYL is a man of no nonsense and actions, and he almost always delivers, whether back then in YSB, or now in YFH, or in the future fronting YMD or in the background controlling the new YFH. So, renewing the ticket to board the YFH/YFM train seems a very sound option to me. Hope to see you guys in the EGM. xxxxx We really understand your concerns. The management team will address your questions during the EGM. xxxxx

 

Yes, let' s hope we hear from them before EGM.
That way, it will give us time to contemplate how to vote.
I also think old Ren wouldn' t want his holding diluted.
Unless, the so call " new investors" is actually a sepcial purpose vehicle somehow related to his family. 
 

HVRRVH      ( Date: 15-Aug-2025 10:32) Posted: Let' s wait for a resopnd from the company, it' s good to seek clarification though I do not think old Ren, who hold about 25% of the equity interest in YZJF and by extension, would hold the same percentage in YZJM post spin, would want to see his stake diluted by 20%. Based on the projected timeline provided by volvo125, if EGM passes all the 3 resolutions, we could see YZJM listed as soon as Oct or early Nov or even late Sep. With a current combined NAV of $1.11, those already holding YZJF would want to see market prices for YZJF and YZJM post spin to hit at least $1.11 combined. We won' t know how market will accord the values post spin but a good sign will be that YZJF' s price hit above or closer to NAV of $1.11 before spin off.

 

Ok, guys, IR has just come back and confirmed the mgt will address the question during EGM. From 0.69 to 0.285 to today 1.06, it has been a damn wild roller-coaster ride in the past ~3 years for the many of us here who boarded the train since Apr 2022. For those who persisted and braved through the stormy ride, regardless all the fear mongering and all the naysayers bashing, the journey has emerged to be a very, very immensely rewarding one. Some of you here may wish to finally abort the train, 赚 够 了 , while some may wish to sail on with the new YFH/YMD chapter, 希 望 应 该 有 机 会 赚 的 更 多 . For me, I am still appraising my options. RenYL is a man of no nonsense and actions, and he almost always delivers, whether back then in YSB, or now in YFH, or in the future fronting YMD or in the background controlling the new YFH. So, renewing the ticket to board the YFH/YFM train seems a very sound option to me. Hope to see you guys in the EGM. xxxxx We really understand your concerns. The management team will address your questions during the EGM. xxxxx

 

That's anyone's guess. I just sold some at 1.05

stonkmaster      ( Date: 15-Aug-2025 07:49) Posted: i sold all my shares when hit 60 cents. now $1 still a good buy?

 

IR has acknowledged receipt, now wait for Mgt to respond. If no response from Mgt through IR in the next one week, I will follow-up to seek a respond. Note that Mgt may choose to address the question during the EGM, regardless, IR should have been advised and in turn let us know the decision. xxxxxxx Than you very much, Zhou Yan. The issuance of the additional $250mil share and in turn resulting in a 20% dilution is alarming and unnerving to me, as well as to the investment community at large. What basis do this new "special" group of sophisticated investors have to warrant such a steep discount ? I hope my (our) interpretation to the clause is wrong. I look forward to hearing from the management on the clarification soonest. xxxxxx

 

Let' s wait for a resopnd from the company, it' s good to seek clarification though I do not think old Ren, who hold about 25% of the equity interest in YZJF and by extension, would hold the same percentage in YZJM post spin, would want to see his stake diluted by 20%. Based on the projected timeline provided by volvo125, if EGM passes all the 3 resolutions, we could see YZJM listed as soon as Oct or early Nov or even late Sep. With a current combined NAV of $1.11, those already holding YZJF would want to see market prices for YZJF and YZJM post spin to hit at least $1.11 combined. We won' t know how market will accord the values post spin but a good sign will be that YZJF' s price hit above or closer to NAV of $1.11 before spin off.   

 

Thank you so much, volvo, for bringing up concerns on behalf of all retail investors. I share the same sentiment, this is indeed a matter of concern for me as well.

It reminds me of the situation where YFH proposed selling treasury shares at a significant discount to selected " investors and senior employees" despite still holding substantial cash reserves that had yet to be deployed for better returns.  That move led to a sharp decline in the share price. While I understand the intention might have been to reward senior employees, there are alternative approaches, such as stock-based compensation, that would not have negatively impacted market perception or investor confidence in YZFs valuation.

 

Thanks volvo125 for the initiative.

 

i sold all my shares when hit 60 cents. now $1 still a good buy?

 

If correct today is three weeks before EGM .....once receive next week start engine warming up loh...

 

Let me update the earlier timeline :-

YSB/YFH 2022 spin off timeline (Reference)
29 Nov 2021 -    (A) 1st announcement on proposed spin off
24 Jan 2022 -        (B) SGX approval of submission (1 month 3 weeks from A)
27 Feb 2022 -      (C) FY21 result release (~1 month from B)
09 Mar 2022 -      (D) Circular release  (~2 weeks from C)
24 Mar 2022 -      (E) ETL (eligible to list) obtained (~2 weeks from D)
18 Apr 2022 -        (F)  EGM to seek Spin Off Approval (~3 weeks from E) , newly inserted, missed out earlier.
24 Apr 2022 -        (G) List (1 week from F)
Total time taken from 29 Nov 2021 to 24 Apr 2022 &ndash 4 months 3 weeks
 
YFH/YMD 2025 spin off probable timeline (Taking YSB/YFH 2022 as reference)
27 Apr 2025 -    (A) 1st announcement on proposed spin-off - Done
02 Jul 2025 -        (B) SGX approval of submission (~2 months 1 week from A) - Done
12 Aug 2025 -      (C) FY21 result release (1 month 1 week from B)
12 Aug/Sep 2025 -      (D) Circular release  (same time as C)
? Sep/Oct 2025 -      (E) ETL (eligible to list) obtained (~? weeks from D)
4 Sep 2025 -    (F) EGM to seek Spin Off Approval (~? weeks from E)
? Sep/Oct/Nov 2025 -        (G) List (? weeks/month from F)

YFH has yet to receive the ETL from SGX. Based on the previous YSB spin off reference, YSB received the ETL about 3 weeks before the EGM was convened. So the ETL could come in anytime from now till EGM.

And it took just 1 week after EGM for YSB to spin off YFH.

volvo125      ( Date: 14-Jul-2025 01:24) Posted: YSB/YFH 2022 spin off timeline (Reference) 29 Nov 2021 -    (A) 1st announcement on proposed spin off 24 Jan 2022 -        (B) SGX approval of submission (1 month 3 weeks from A) 27 Feb 2022 -      (C) FY21 result release (~1 month from B) 09 Mar 2022 -      (D) Circular release  (~2 weeks from C) 24 Mar 2022 -      (E) ETL (eligible to list) obtained (~2 weeks from D) 24 Apr 2022 -        (F) List (1 month from E) Total time taken from 29 Nov 2021 to 24 Apr 2022 &ndash 4 months 3 weeks   YFH/YMD 2025 spin off probable timeline (Taking YSB/YFH 2022 as reference) 27 Apr 2025 -    (A) 1st announcement on proposed spin-off - Done 02 Jul 2025 -        (B) SGX approval of submission (~2 months 1 week from A) - Done ? Aug 2025 -      (C) FY21 result release (? month from B) ? Aug/Sep 2025 -      (D) Circular release  (? weeks from C) ? Sep/Oct 2025 -      (E) ETL (eligible to list) obtained (~? weeks from D) ? Oct/Nov 2025 -        (F) List (1 month from E) I think the YFH/YMD spin off will complete within a 6~7month timeline by Oct~Nov, baring any unforeseen Black Swarn market shock in the months ahead.   (B) was decisively executed on 2 Jul, after the close of 1H25 on 30 Jun, likely implies that 1H25 result is Good or at least Not Bad to support the ongoing spin off initiative mood. This is my speculation, and I could be wrong, but I think it is a reasonable assumption because a sub-par 1H25 will negatively impact on the spin off valuation appraisal and will almost certain to derail a supposedly intended positive spin off outcome for both the new listed entities. (C) should follow shortly after 1H25 release, with the Circular detailing the new capital structures and revenues/earnings projections for both the Legacy and new spin off coy. I have given some thoughts on the probable capital structures of YFH and YMD but I have little clue on how to appraise YMD on its earning trajectory. I will pen my thoughts on these later if I find time to organize my analysis.   Meanwhile, Sit tight with a solid seat belt and expect all the fear mongering and brutal rinising.